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Announcement:

MOODY'S AFFIRMS AMERICAN MUNICIPAL POWER INC. A1 ISSUER RATING;OUTLOOK STABLE

06 Jan 2012

AMP PROVIDES WHOLESALE SERVICE TO 129 MUNICIPAL ELECTRIC UTILITIES

New York, January 06, 2012 -- Moody's has affirmed the A1 issuer rating on American Municipal Power Inc. The rating considers the strong cost recovery framework of the municipal electric utilities that are participants; the A1 credit quality of the participants; AMP's satisfactory financial position; and fundamental strengths of AMP's diverse and competitive power supply portfolio. Moody's has also maintained the rating on AMP's project ratings on $4.7 billion of revenue debt. See debt statement on page 3.

AMP has 129 members in seven states (Ohio, Delaware, Kentucky, Pennsylvania, Michigan, Virginia and West Virginia). During 2011, more than 70% of sales revenue came from Ohio-based municipal electric utilities. The participants have near-monopoly status in their service areas and set rates locally without external regulation. AMP was established by a state statute and operates like a joint power agency. It is governed by a 20-member Board of Trustees made up of officials from member municipalities.

Outlook

Moody's believes AMP's management and its sound resource planning will be key factors in it maintaining a stable credit position. AMP's plan to strengthen its liquidity and management of generation operating risks is an important factor in outlook.

What Could Change the Rating Down

The rating could be lowered if tthere is a change in the overall credit quality of the participants or if there is a deterioration of financial performance or liquidity. The rating coudl also come under proessure if the AMP generation projects that are under construction experience significant cost overruns and impact the agency's competitive position and pressure participant's compliance with power supply agreements or AMP is not able to manage its new generation risks.

What Could Change the Rating Up

The successful completion of the shift to more generation ownership; improvement in participant credit quality and further improvement in the AMP's competitive cost structure could factor in upward pressure on the rating.

Fundamentals

Strengths

» Competitive position of municipal utility participants with an average 20% rate advantage and sound strategic plan to position cost structure in longer term

» Certainty in cost recovery due to sound AMP power supply contracts with its members; the unregulated rate setting authority of AMP member municipal utilities, including AMP's statutory authority to increase its wholesale rates on a timely basis and members' ability to pass on purchased power costs to retail customers. Non-Ohio participants have sound state statutes regarding take-or-pay contracts

» No direct retail competition for municipal electric utilities in each state served

» Average weighted credit quality of the diverse group of AMP"s member cities is in A1 range

» Strong contract enforcement provisions including AMP's authority in the event of a contract default by a member, in addition to AMP's credit monitoring system which provides an early warning of fiscal stress

» The level and availability of internal and external financial liquidity with bank line agreements with satisfactory terms and conditions

» Demonstrated record of success in managing power supply for AMP's member municipal electric utilities

» Fully funded debt service reserves for individual separately-secured generation project debt. No cross default between projects

Challenges

» Strategic plan to shift from market to generation ownership has increased leverage but typical for JPA

» Future borrowing for hydro and combined cycle generation projects will increase overall leverage

» Managing power supply purchases in restructured wholesale electricity market

» Costs associated with environmental compliance at Gorsuch Station and future greenhouse gas regulations at Prairie State

» Some member utilities have customer dominance and above average retail rates

» Unemployment in region AMP serves is above average

The principal methodology used in this rating was U.S. Municipal Joint Power Agencies published in September 2006. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

Although this credit rating has been issued in a non-EU country which has not been recognized as endorsable at this date, this credit rating is deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 31 January 2012. ESMA may extend the use of credit ratings for regulatory purposes in the European Community for three additional months, until 30 April 2012, if ESMA decides that exceptional circumstances arise that may imply potential market disruption or financial instability. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Dan Aschenbach
Senior Vice President
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

John Medina
Analyst
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

MOODY'S AFFIRMS AMERICAN MUNICIPAL POWER INC. A1 ISSUER RATING;OUTLOOK STABLE
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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